Reported 12 months ago
Chicken Soup for the Soul Entertainment, the parent company of Redbox, has filed for Chapter 11 bankruptcy protection after accumulating nearly $1 billion in debt and facing financial struggles. The filing in Delaware bankruptcy court revealed the company owes millions to over 500 creditors, including major entities like Sony Pictures and Walmart. Despite acquiring Redbox in 2022 to expand its entertainment reach, the public company's shares have plummeted over 90% in the past year.
Source: YAHOO